Some time ago I remember hearing that regular people, non-retailers, were using Square to send payments to each other. Maybe a big group of friends ate a restaurant and instead of attempting some check split or owing money to a friend, they just paid right away to one person with the device.

Venmo takes that concept of paying your friends via your phone one step further into simplicity by removing the need for any sort of physical dongle. You sign up for Venmo, put in your banking info and you can start transferring funds to your friends right away. I can see this being a hugely handy service for a load of reasons - buying things from Craigslist, repaying debts immediately, keeping the night going, etc. The biggest hurdle is ensuring the end user that the program is secure which, from what I've experienced, is quite well done.

heads up via @Lascurettes.